FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$7.4B
Trailing twelve-month free cash flow.
Quarter free cash flow
$3.4B
Free cash flow in the selected fiscal quarter.
Operating cash flow
$4.2B
Cash generated by operations before capital spending.
CapEx
$849.0M
Capital spending and related asset purchases.
FCF margin
3.4%
The share of revenue converted into free cash flow.
TTM FCF yield
5.5%
TTM FCF divided by market capitalization.
FCF reconciliation
Free cash flow is not a GAAP line item; it should be bridged from the cash flow statement.
| Operating cash flow | $4.2B | Cash generated by operations before capital spending. |
| Capital expenditures | $849.0M | Capital spending used to bridge CFO to FCF. |
| Free cash flow | $3.4B | Operating cash flow less capital spending. |
Cash flow trend
A short quarterly history shows whether FCF is scaling with revenue or only spiking for one period.
| Period | Revenue | Operating CF | CapEx | FCF | FCF margin |
|---|---|---|---|---|---|
| 2025-06-30 | $98.9B | $1.9B | $607.0M | $1.3B | 1.3% |
| 2025-09-30 | $102.9B | $796.0M | $698.0M | $98.0M | 0.1% |
| 2025-12-31 | $105.7B | $3.4B | $784.0M | $2.6B | 2.5% |
| 2026-03-31 | $100.4B | $4.2B | $849.0M | $3.4B | 3.4% |
Risks and tripwires
Observable signals that would weaken the free cash flow thesis.
| Risk | Tripwire | Why it matters |
|---|---|---|
| FCF margin compression | FCF margin falls for two consecutive quarters. | Cash conversion may be weakening before earnings show it. |
| Capital intensity rises | CapEx/revenue moves materially above the recent run rate. | More operating cash flow would be consumed before becoming FCF. |
| Working capital drag | Inventory or receivables grow faster than revenue. | Reported growth may not translate into cash. |